The collective market capitalization of India’s top 10 companies plummeted by a staggering ₹4.95 lakh crore, with TCS and Reliance bearing the brunt of the downturn in market trends.

The Indian equity market experienced its steepest weekly decline since June 2022, with the Nifty losing 4.77% last week. The market capitalization (mcap) of the top-10 most valued firms plunged by ₹4,95,061 crore, led by a bearish trend. Tata Consultancy Services (TCS) and Reliance Industries faced the sharpest erosion, with their mcap decreasing by ₹1,10,550.66 crore and ₹91,140.53 crore, respectively. HDFC Bank’s and Bharti Airtel’s mcap also took a significant hit, falling by ₹76,448.71 crore and ₹59,055.42 crore, respectively. The mcap of other top-10 firms, including State Bank of India, ICICI Bank, Infosys, Life Insurance Corporation of India, and Hindustan Unilever, also declined. The erosion in mcap was attributed to the Federal Reserve’s announcement of only two rate cuts in 2025, which dampened market confidence. As a result, the ranking of the top-10 firms remained unchanged, with Reliance Industries retaining its position as the most valued firm.